Question

George Smith own's George's Joint, a gas station and convenience store. George is trying to get a better understanding of his business and wants to estimate the mean number of gallons of gasoline sold to his customers. Assume the number of gallons of gasoline sold follows a normal distribution with a population standard deviation of 2.3 gallons. From his records, he randomly selects 60 sales and find the mean number of gallons sold is 8.6. What is the point estimate of the population mean

Answer 1

The point estimate of the population mean is of 8.6 gallons sold.

Explanation:

Point estimate for the population mean:

From a large sample, the point estimate for the population mean is the sample mean.

In this question:

The sample mean number of gallons sold is 8.6. This means that the point estimate of the population mean is of 8.6 gallons sold.